“While you can’t contractually commit the supporting investors [followers], you can usually separate the real ones from the tire-kickers (or—more generously—the call option people). Committed supporting investors are going to let you use their names with potential lead investors, will engage in active networking, and will name a specific amount they are willing to invest.

“These supporting investors are typically called “soft circles”—you’ve got a commitment from them, but it’s not a legally binding one. A soft circle will always have a dollar amount attached to it [emphasis added].”

True followers will also make strong introductions to potential leads.

Learn more about followers and leads in How do I find a lead investor?, Parts 1, 2, and 3.